TJX Same-Store Sales Up 3% in 1Q

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Framingham, Mass. TJX Cos. announced net sales for the first quarter ended April 26, 2008, increased 6% to $4.4 billion, and same-store sales increased 3% over last year. Net income for the quarter was $194 million.

Results include a benefit of $12 million, due to tax-related adjustments that were unanticipated at the beginning of the quarter.

“We are pleased with our first-quarter performance, as we once again drove strong sales, merchandise margins and profit growth despite the challenges of the consumer environment and unfavorable weather in the first two months,” Carol Meyrowitz, president and CEO of TJX said in a company statement.

“While we continue our sharp execution of our off-price business model and deliver strong results, we are also funding our expansion domestically and internationally,” Meyrowitz said. “We are excited by our prospects for growth in Europe, having opened our first HomeSense stores in the U.K. and another T.K. Maxx store in Germany. As we move into the second quarter, we are very well positioned to continue to capitalize upon merchandise opportunities and deliver great value to our customers.”